The state’s coffers received over 11,110 million from the registration of 9,684 residences in Mumbai in February.
The state exchequer nonetheless made 80 per cent more money despite a reduction in the count of registered properties.
Homebazaar.com asserted that this revealed a significant shift in the sale of premium properties.
Mumbai surged from 92 to 37 on a global ranking of changes in the cost of luxury properties as the city experienced an increase of 6.4% in the year 2022.
Mumbai’s luxury properties are predicted to increase by 3% in value in 2023.
“In comparison, Mumbai is now 13% more inexpensive (in terms of dollars) than it was in 2018 thanks to the availability of 113 square metres of quality residential real estate. Mumbai is the world’s 18th most expensive market for prime residences “says the research.
The new legislation states that if a person sells a property or other assets, such as stocks & earns more than $100 million from the sale, they can only gain up to an additional $100 million from investing in real estate. Capital gains over $100 million will be taxed starting in April 2023.
